Emcure Pharmaceuticals Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Promoters have been increasing their shareholding - up 29.8pp over 2 years
- Company has a healthy return on capital (ROCE) of 22.5%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 36.2% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.33x)
CONS
- Total debt has risen sharply - up 64.6% year on year
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 6.1x its book value
- Though reporting repeated profits, the company pays out little dividend (7.4%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1864.00 | 36.98 | 447236.04 | 0.86 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9405.00 | 85.36 | 249673.20 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4928.40 | 85.95 | 187460.49 | 0.77 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1118.00 | 24.71 | 111520.93 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1380.00 | 33.08 | 111484.47 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1936.00 | 95.67 | 104604.45 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| AUROPHARMA | 1669.00 | 25.87 | 96030.57 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| DRREDDY | 1140.80 | 29.55 | 95220.28 | 0.70 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| LUPIN | 2075.00 | 17.16 | 94882.67 | 0.87 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2246.00 | 45.42 | 92769.93 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2417.00 | 37.94 | 68213.70 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| EMCURE | 1961.80 | 36.80 | 37215.20 | 0.18 | 292.49 | 36.17 | 2580.45 | 22.85 | 25.25 | 20.64 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,556 | 1,663 | 1,668 | 1,771 | 1,815 | 2,002 | 1,963 | 2,116 | 2,101 | 2,270 | 2,363 | 2,470 | 2,580 | |
| 1,261 | 1,334 | 1,361 | 1,461 | 1,478 | 1,621 | 1,608 | 1,714 | 1,684 | 1,831 | 1,871 | 1,990 | 2,189 | |
| Operating Profit | 296 | 329 | 307 | 311 | 337 | 381 | 355 | 402 | 417 | 439 | 493 | 480 | 391 |
| OPM % | 19.00% | 19.78% | 18.41% | 17.54% | 18.55% | 19.02% | 18.07% | 19.01% | 19.84% | 19.35% | 20.85% | 19.42% | 15.17% |
| 15 | -2 | 9 | 12 | 23 | 36 | 4 | -6 | 0 | 39 | -36 | 14 | 2 | |
| Interest | 52 | 59 | 61 | 65 | 59 | 46 | 32 | 39 | 27 | 33 | 38 | 46 | 32 |
| Depreciation | 67 | 70 | 84 | 91 | 94 | 97 | 97 | 97 | 99 | 105 | 105 | 106 | 110 |
| Profit before Tax | 191 | 198 | 171 | 167 | 207 | 273 | 230 | 261 | 291 | 341 | 314 | 341 | 394 |
| Tax % | 26.33% | 26.35% | 29.95% | 27.50% | 26.43% | 26.28% | 32.11% | 24.32% | 26.13% | 26.38% | 26.27% | 28.56% | 25.67% |
| Net Profit | 0 | 0 | 0 | 0 | 153 | 202 | 156 | 197 | 215 | 251 | 231 | 244 | 292 |
| 7.21 | 7.70 | 6.27 | 6.36 | 7.95 | 10.38 | 8.12 | 9.97 | 10.92 | 12.85 | 12.16 | 12.84 | 15.50 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,188 | 4,228 | 4,717 | 5,049 | 6,056 | 5,855 | 5,986 | 6,658 | 7,896 | 9,204 | 9,683 | |
| 3,336 | 3,461 | 3,968 | 4,345 | 4,824 | 4,525 | 4,805 | 5,429 | 6,427 | 7,458 | 7,881 | |
| Operating Profit | 852 | 767 | 749 | 704 | 1,232 | 1,330 | 1,181 | 1,230 | 1,469 | 1,746 | 1,803 |
| OPM % | 20.34% | 18.14% | 15.87% | 13.94% | 20.34% | 22.71% | 19.73% | 18.47% | 18.60% | 18.97% | 18.62% |
| -165 | -73 | 72 | -21 | -53 | 63 | 40 | 47 | 62 | 100 | 20 | |
| Interest | 174 | 176 | 223 | 257 | 198 | 176 | 214 | 237 | 176 | 144 | 148 |
| Depreciation | 217 | 228 | 267 | 321 | 323 | 245 | 260 | 312 | 384 | 415 | 425 |
| Profit before Tax | 296 | 290 | 331 | 105 | 657 | 973 | 747 | 727 | 971 | 1,287 | 1,390 |
| Tax % | 14.98% | 40.03% | 36.73% | 4.49% | 36.32% | 27.76% | 24.81% | 27.45% | 27.17% | 26.87% | 26.69% |
| Net Profit | 251 | 174 | 209 | 101 | 419 | 703 | 562 | 528 | 707 | 941 | 1,019 |
| EPS | 13.26 | 9.68 | 10.79 | 4.62 | 21.68 | 36.62 | 29.42 | 27.50 | 35.96 | 48.76 | — |
| Dividend Payout % | 22.62% | 36.15% | 32.45% | 54.08% | 4.61% | 8.19% | 6.80% | 10.91% | 8.34% | 7.38% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- 19%
- 3 Years:
- 20%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 44%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 23%
- 3 Years:
- 20%
- Last Year:
- 20%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 181 | 181 | 181 | 181 | 181 | 181 | 181 | 181 | 189 | 190 |
| Minority Interest | 67 | 54 | 65 | 72 | 95 | 127 | 149 | 169 | 195 | 27 |
| 1,387 | 1,504 | 1,639 | 1,704 | 2,080 | 1,791 | 2,305 | 2,757 | 4,245 | 4,748 | |
| 2,086 | 2,287 | 2,526 | 2,614 | 2,532 | 2,260 | 2,363 | 2,240 | 1,230 | 1,378 | |
| Trade Payables | 506 | 622 | 685 | 741 | 972 | 1,125 | 1,086 | 1,309 | 1,480 | 1,808 |
| 365 | 441 | 343 | 491 | 799 | 464 | 490 | 1,052 | 783 | 1,322 | |
| Total Liabilities | 4,592 | 5,089 | 5,440 | 5,803 | 6,659 | 5,947 | 6,573 | 7,709 | 8,122 | 9,473 |
| 1,941 | 2,049 | 2,247 | 2,382 | 2,412 | 2,044 | 2,147 | 3,125 | 3,197 | 3,319 | |
| Capital Work in Progress | 385 | 494 | 422 | 332 | 222 | 310 | 404 | 132 | 124 | 172 |
| 0 | 0 | 0 | 0 | 0 | 25 | 25 | 318 | 95 | 20 | |
| 995 | 928 | 1,128 | 1,173 | 1,514 | 1,449 | 1,383 | 1,525 | 1,932 | 2,398 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,859 | 2,002 | 2,563 | |
| Cash & Bank | 263 | 270 | 104 | 164 | 524 | 313 | 458 | 232 | 165 | 148 |
| 1,007 | 1,348 | 1,540 | 1,752 | 1,987 | 1,806 | 2,157 | 518 | 606 | 854 | |
| Total Assets | 4,592 | 5,089 | 5,440 | 5,803 | 6,659 | 5,947 | 6,573 | 7,709 | 8,122 | 9,473 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 593 | 535 | 579 | 592 | 905 | 1,079 | 947 | 1,097 | 852 | 944 | |
| Cash from Investing | -616 | -426 | -409 | -164 | -252 | -789 | -468 | -713 | -94 | -1,193 |
| Cash from Financing | 293 | -69 | -735 | -301 | -189 | -152 | -145 | -164 | -814 | 343 |
| 137 | -13 | -699 | 36 | 264 | -172 | 134 | 221 | -56 | 94 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Emcure Pharmaceuticals Limited has informed the Exchange regarding Allotment of 11400 Shares.
2026-09-01 - Intimation under Regulations 30 and 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dispatch of letter to the Members whose e-mail addresses are not registered with the Company/Depository Participants
2026-09-01 - Emcure Pharmaceuticals Limited has informed the Exchange about Schedule of meet
2026-09-01 - Emcure Pharmaceuticals Limited has informed the Exchange about Credit Rating
2026-08-29 - Newspaper Advertisement of Notice of the 45th Annual General Meeting and e-voting information
2026-08-28 - Emcure Pharmaceuticals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026
2026-08-25 - Emcure Pharmaceuticals Limited has informed the Exchange regarding Allotment of 19100 Shares.
2026-08-12 - Emcure Pharmaceuticals Limited has informed the Exchange about Transcript
2026-08-08 - Update on USFDA inspection at our formulations facility located at Sanand, Ahmedabad, Gujarat, India.
News
Recent coverage and analyst commentary for EMCURE
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Emcure Pharmaceuticals Ltd.
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